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Analysts Expect Litecoin to Incur Further Gains Despite Crypto Market Downturn, Here’s Why

Litecoin (LTC) has been incurring considerably bullish worth motion over the previous a number of weeks, marking a continuation of the numerous positive factors it has incurred thus far this yr. The major issue driving the current positive factors, it appears, is its upcoming mining reward halving, which is broadly considered as a bullish occasion.

Now, analysts consider that Litecoin may incur additional upwards momentum within the near-future, which can permit it to proceed setting greater highs.

Litecoin Surges to Fresh Year-to-Date Highs

At the time of writing, Litecoin is buying and selling up over 7% at its present worth of $136 and is up considerably from its 24-hour lows of beneath $125.

While wanting on the cryptocurrency’s worth motion over an extended time-frame, it shortly turns into obvious as to simply how bullish LTC has been in contrast to the remainder of the markets.

In mid-December of 2018, Litecoin plummeted to lows of $23, which coincided carefully with your complete market downturn that despatched Bitcoin reeling to lows of roughly $3,000. Since then, Litecoin has skyrocketed greater, and is constant to set recent year-to-date highs.

Although many analysts develop weary of cryptocurrencies that surge whereas the remainder of the markets are caught in a worth lull, LTC could also be an exception, due to its upcoming mining reward halving that’s at present set to happen within the subsequent couple of months.

Luke Martin, a well-liked cryptocurrency analyst on Twitter, spoke about Litecoin in a current tweet, explaining that he believes LTC may surge previous 0.0182 BTC within the close to future, which is above its present worth of 0.0172.

“LTC momentum continues. Still assume it might probably attain the .0182 swing excessive. Plenty of time to break previous that as nicely imo,” he famous.

Analyst: LTC May Jump To $150 in Near Future

Martin is just not alone in his perception that Litecoin might surge greater within the close to future, with one other well-liked analyst explaining that he believes the crypto may surge to $150 subsequent.

Harry, a well-liked analyst who focuses totally on XRP’s worth motion, spoke about LTC in a current tweet, noting that it might proceed surging greater as anticipation for the halving occasion balloons.

“$LTC comparable construction to $ETH the place I picked dump’s within the $270 vary. I’m placing this one out early, take a great take a look at the chart and doubtlessly take into account some incremental promoting within the $140-150 vary. Shorts are going to be very energetic there,” he famous.

It is essential to word that LTC is at present shifting independently of the aggregated crypto markets, which can imply that Bitcoin will doubtless have little affect on the place it goes subsequent.

Featured picture from Shutterstock.

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